Micron’s Earnings Beat Sets Up a High-Stakes Trading Session

Micron delivered blowout earnings and guidance significantly above Wall Street expectations, rallying after two days of sharp declines. However, technical resistance at the $1,200 call wall could limit upside gains due to positive gamma positioning creating hedging flows. The broader market declined slightly with the S&P 500 falling 10 basis points, while implied volatility rose ahead of the earnings announcement and Friday's PCE report.